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CNBC 53
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CNBC
Feb 10, 2013 7:30pm EST
with paul krugman is ahead. why he says the deficit doesn't matter now and why the government needs to spend more money. he ran two of the most important companies and turned around general motors. i will talk les sobs learned, the state of the american future. and baubles and bling. if you have the cash they have the jewels. if perfect valentine's gift for deep pockets. jewels anyone? >> co oh co always wore two. >> "on the money" begins now. >> announcer: this is america's number one financial news program. "on the money." now, mario bartiromo. >> here's a look at the news as we head into a new week on the money. it is the u.s. government versus standard & poor's. the most aggressive move yet to hold accountable a company at the center of the financial melt down of 2008. the $5 billion civil suit charges s&p intended to defraud investors by giving securities created from subprime loans aaa ratings they didn't deserve. the attorney says not so fast. >> the government has to show in this case not that a lot of people lost money because of the investments. government has to show the s&p liter
CNBC
Feb 13, 2013 7:00pm EST
and government-planning messages in the history. still more infrastructure, even capping climate change and all i wanted was full fledged tax reform or maybe the keystone pipeline. the left wing greenies pulling out all the stops and warning the president not to go there. some celebrities even got arrested froprotesting the pipee at the white house today. >> and the head of the unions wants more and more of our taxpayer money and he's threatening any democrat who doesn't go along. and guess who facebook executive mark zuckerberg is throwing a political fund-raiser for right at this hours? it's probably not who you think. anyway, we're "the kudlow report." we'll tell you later, but we begin right now. >>> first up, so the president proposing more, more government spending on manufacturing, more on housing, education, infrastructure, climate change, green energy. here's my take. if it was going to work all this throwing more, it's going to work to throw the economy up, it would have already worked. it's more of the same from mr. obama but these government planning efforts have never worked. we have
CNBC
Feb 12, 2013 9:00pm EST
unfinished task to make sure this government works on behalf of the many and not just the few. that it encourages free enterprise, rewards individual initiatives, and opens the doors of opportunity to every child across this great nation. the american people don't expect government to solve every problem. they don't expect those of us in this chamber to agree on every issue. but they do expect us to put the nation's interests first. [ applause ] they do expect us it to forge reasonable compromise where we can, for they know that america moves forward only when we do so together, and that the responsibility of improving this union remains the task of us all. our work must begin by making some basic decisions about our budget, decisions that will have a huge impact on the strength of our recovery. over the last few years both parties have worked together to reduce the deficit by more than $2.5 trillion. mostly through spending cuts, but also by raising tax rates on the wealthiest 1% of americans. as a result we are more than halfway towards the goal of $4 trillion in deficit red
CNBC
Feb 12, 2013 7:00pm EST
that the government has to live within it's means and it is costing us jobs and people can't make the hiring decisions to get the going again. >> it has to be both. >> there are a lot of places that we are making investments. you have to invest in education that is down. america is a pothole. there are areas where we do have to bring spending down but through structural reform and in the area of health care. you are right about that, and our country can bring the cost curve down. and the health care bill that was signed into law, we are seeing now, premiums continue to go up across the country and we are hearing that the costs are a problem. i think we have to put that fight behind us. because your point that this is expensive is right. we have to find a way to bring that cost down so it is good for medicare and private employers to their workers. we work together. here is what i don't understand. >> the president does think it is a spending problem. that is what jake carney said. the president has pulled back. he said he would look at eligibility requirements. if you agree we have a spending problem
CNBC
Feb 13, 2013 6:00am EST
the state of the union. john? >> reporter: hey, joe. this was government activism that president obama offered for an age of limited resources. the biggest new initiative he offered was an increase in the minimum wage over three years from 7.25 to $9 an hour. the burden for that would be placed, of course, on employers. he offered a laundry list of proposals domestically on education, on energy, on infrastructure, but he made the point to members of congress that none of them would add to the deficit because they were all going to be paid for by offsetting spending cuts. of course, he's not reached agreement with the congress. on here's the president last night. >> nothing i'm proposed tonight should increase our deficit by a single dime. it is not a bigger government we need but a smart or government that sets priorities and invests in broad-based growth. let's set party interests aside and work to pass a budget that replaces reckless cuts with smart savings and wise investments in our future. let's do it without the brinksmanship that stresses consumers and scares off investors. [ ap
CNBC
Feb 11, 2013 7:00pm EST
'll ask top names like bob lutz, obama supporter robert wolfe, and many more. >>> speaking of government meddling, red flags up again about obama care. killing jobs, even government jobs. one of the nation's most prominent surgeons told president obama to his face at last week's national prayer breakfast that he has a much better idea nap surgeon is going to join us this evening. "the kudlow report" begins right now. >>> first up, call it the marijuana shocker. the pope is stepping down. pope benedict xvi announced his decision this morning saying he no longer has the strength to carry on with his mission as the leader of the 1.2 billion catholics around the world. here now is news vatican analyst george wiegel. and spokeswoman kathy ruse, now with the family research council. good to see you. i'm not kidding. i think this is the most profound act of humility and something that everybody in the world can learn from. your take? >> i think that's right, larry. this is a man of faith. he's a real disciple of jesus christ. he wants to serve. and when he can no longer serve in the way he's be
CNBC
Feb 13, 2013 4:00pm EST
of your big customers are governments on every level. how did cisco avoid the financial struggle of those marketplaces this last quarter? talk to us about government and europe which were the two soft spots. >> sure. well, maria, i wish i could tell you we avoided them. what we did is those are clearly negative drives on the growth. our growth numbers were extremely good. if you look at europe we are starting to see potentially early signs of improvement there, but i wouldn't think of europe as one europe. think of it as germany, northern europe, uk, central europe, southern europe and eastern. the northern and uk europe are actually showing early signs of turning the right way. southern europe is really going to be challenged for a while so it was mixed in europe. we did start to see government, however, around the world loosen up the purse strings a little bit. nothing to write home about but in the u.s., for example, state and local governments grew for us and federal was not down year over year as we've seen in prior quarts. >> do you have any clarity on what this tells you in terms o
CNBC
Feb 18, 2013 4:00am EST
. but the government's books will continue to be weighed down by heavy debt. that's even if plans go ahead to raise a sales tax. there's a one in three chance of a downgrade this fiscal year. this is as the japanese prime minister shinzo abe says he will consider changing the bank's mandate. he didn't comment on current policy. all this as investors determine who will become the bank of japan's next governor. front runners for the post include former bank of japan deputy governor and the head of the asian development bank harikahiko tura. >> we did catch up with taro at a meeting this weekend in moscow. the next boj governor was covered, but the first question, whether mr. aso thought the g-20 communique was an endorsement of japan's domestic stimulus plan. >> japan has repeatedly tried to explain that japanese policies are taken to overcome deflation and by all means, these are measures to overcome deflation as well as the recession. that's what is being said in the second paragraph of the communique. >> why do you feel, then, certainly from the g-7 communique that the off the record briefings con
CNBC
Feb 17, 2013 9:00pm EST
taxes. >> what do you think was most valuable thing that you gave to the u.s. government? >> the amount of clients and the amount of assets managed by ubs in the united states out of switzerland. >> and that was how much? >> that was 19,000 clients and around 20 billion swiss francs, which is about $19 billion. >> of the percentage of american accounts that you represented, how many would you say were trying to evade taxes? >> my own clients? >> mm-hmm. >> i would say about 90%. >> did people tell you this was their intention when they opened an account? >> it was the unwritten rule. you didn't have to discuss it. people wouldn't fly all the way to switzerland to open accounts just because they wanted to declare their money. >> and as a private banker for ubs, birkenfeld would help his clients invest, spend, and move their money. one example he told us about involved withdrawing cash from a customer's account, buying some diamonds in geneva, and then smuggling them into the u.s. for the client inside a toothpaste tube. birkenfeld claimed it was legal, because the diamonds, he said, were
CNBC
Feb 15, 2013 7:00pm EST
.2%. but guess what? cutting the growth of government spending will help this economy, not hurt it. "the kudlow report" begins right now. of. >>> and we have a very special on-set group with us tonight. i am totally surrounded. it is ladies' anytime. we have "time" magazine's ra rana faruhar, reason magazine's kathy mangle ward, katie burk, and hollywood star and town hall columnist morgan brittany. oh, my gosh. i don't know how i'm going to do this. first up, let's get the latest on the sequester scare tactics hysterics. i'm not hysterical, but our own hampton pearson joins us now with all the details. good evening, hampton. >> good evening, larry. all week long the senate appropriations committee among others has been hearing sequestration horror stories from major government agencies. here are the highlights from the doomsday scenario for the justice department as outlined in a memo from attorney general eric holder. march 1st sequestration would trigger a $1.6 billion budget cut with nationwide consequences for administering justice and fighting crime, says the attorney general. for example
CNBC
Feb 11, 2013 12:00pm EST
five years has caused a demand where affordability because of s subsidized credit from the government is once again causing the hope of every american saying, not that i need a roof over my head, but perhaps housing is a proxy for the creation of wealthy that i'll never have in my job. >> a quick question. we were talking about the housing demand there. you obviously are an investor. houses have been going up. how much of that is attributed to investment demand versus real demand. is that really masking the housing recovery? >> i think the answer is yes and know. on the rental side, the acquisition of single family houses, for sure, has been done by some great firms. blackstone, wayne hughes, public storage has great vehicles, three or four great institutions who are buying. housing has always been a debate between consumption and investment. our government said it's consumption. in the cpi, you have 43% of cpi based on the rental value of housing. i think investor phenomena has helped the economy because it's taken that shadow inventory out of the banks, along with regulatory capital
CNBC
Feb 12, 2013 6:00am EST
a follow on to the kind of inauguration address where the president talked about the role of government in society. tonight, i think he's going to talk about pretty robust role of government in the economy and he's going to focus on mice. not the rodent. it's an acronym for manufacturing, infrastructure, clean energy and education. those are the four topics i think you're going to hear. >> there are republicans around the country rolling your eyes as you're saying this. >> yes. i understand that. i think part of the president's job tonight is to explain how he's going to bring republicans along, but remember, he's talking over the republicans to the american people -- >> what happened to the middle? >> let me just say, the complaint -- i think the complaint against the president and the congress in general has not that they're not talking to what americans care most about right now which is the economy ask jobs. and that's true. the budget deficit -- >> he was talking about 18 and 19. >> i'm just saying that -- >> global warming and what was the other thing? >> there's immigration, ther
CNBC
Feb 13, 2013 4:00am EST
. >> and president obama used his state of the union address to challenge a divided congress to make government work for the many. the president touched on a wide range of issues including gun control and immigration. his hour-long speech focused mainly on the economy. he's backing higher taxes on the wealthy, more spending on infrastructure, and manufacturing jobs. the president also proposed hiking the u.s. minimum wage to $9 an hour, tying it to the cost of living increase. he also urged lawmakers to resolve the budget battle that will result in billions of dollars in automatic spending cuts on march 1. >> let's set party interest aside and work to pass a budget that replaces reckless cuts with smart savings and wise investments in our future. let's do it without the brinksmanship that stresses consumers and scares off investors. the greatest nation on earth -- [ applause ] >> the greatest nation on earth cannot keep conducting its business by drifting from one manufactured crisis to the next. [ applause ] >> we can't do it. >> and on foreign policy, the president says he'll withdraw about half t
CNBC
Feb 17, 2013 7:30pm EST
chambers told me europe is still a problem but government system overall was better this quarter. >> we did start to see government, however, around the world start to loosen up the purse strings a little bit. nothing to write home about, but in the u.s. as an example, stay and local government actually grew for us this quarter and federal was not down as much year over year as we've seen in prior quarters. >> and another sign of improvement in the housing market. the number of u.s. homes entering the foreclosure process in january fell to a level not seen since the peak of the housing boom. down 11% from december but all is not well says housing baron sam zell. >> everybody kind of has ignored the fact that there's still 3 to 4 million houses in purgatory. not for sale. not foreclosed. maybe occupied, maybe not occupied. and you've got to address that. >> if you're looking for somebody who has done it all, look no further. he's with us. bob hormats is vice president of goldman sachs international. at the state department making the case for american companies overseas. bob, it's good to se
CNBC
Feb 18, 2013 2:00pm EST
of a stem cell research program at duke university. she advises the federal government and is the codirector of this multimillion dollar laboratory which works with stem cells harvested from umbilical cord blood. dr. kurtzberg told us there's no evidence yet that stem cells can treat cerebral palsy. >> some of the diseases that we see stem cell cures offered for on the internet include multiple sclerosis. >> there are no stem cell cures yet for multiple sclerosis. >> lou gehrig's disease? >> i wish there were, but there are not. >> you know, i wonder how often it happens that you have to tell a patient, "i'm sorry. there's nothing we can do." and then they come back to you two days later and say, "well, i see all these cures on the internet." >> mm-hmm, i get manyof those cs and see many of those patients. but it's very dishonest to mislead people when there's nothing you can do. [ticking] >> coming up, confronting dr. ecklund. >> frankly, dr. ecklund, you have nothing to base your results on. there's no clinical trial, there's no-- there's no blind study. there are no medical papers publish
CNBC
Feb 11, 2013 4:00pm EST
at the corporate governance issue. are they reinvesting in the business for growth? i actually think the big surprise for a lot of people is how strong growth could actually be. not necessarily those that pay a dividend, but those that create shareholder value. >> that would be something we want to see given we've been on this stagnant move. final word here, go ahead, sir. >> maria, one thing. we forget demographics. they talk about the fed pushing on a string relative to interest rates where the inflation rate is. but demographics, there's a huge swath to this country that no matter how you make the only game in town, they're going to stick with their investments because of where they are in the maturity cycle of their own lives. >> yeah. that's a fair point. absolutely. >> until it starts creeping up. once it starts to creep up and people get their statements, people are going to become worried. if the bond market moves 50 basis points, people are going to lose their whole coupon for the year. >> great point. we'll leave it there. >> let's face it. it's not just demographics. >> final word
CNBC
Feb 14, 2013 7:00pm EST
back. >>> ohio republican government john kasich in the news these days. conservatives are heaping praise over his tax cuts but some don't like him taking expanded medicaid money from obama. conservatives, some of them, don't have any nice to say about john kasich at all. more or less you have 20% income tax cut across the board, joining a whole bunch of republican governors across the country who are leading the way while washington is raising taxes. the liberals of course i was reading the "columbus dispatch" and what not, they were saying tax cuts for the rich, that's all you're doing. >> larry, in addition to lowering the income tax so everybody doesn't scoot out of ohio, we're also providing a 50% tax cut for all small business, all pass-through entities, whether they're s corps or llcs. you got a business that makes $200,000, they exclude $100,000. >> on that point, why did you put add 750,000 cap? why cap it at all? if it's a successful small business person and you're giving them a very nice tax break, it would see you wouldn't want to cap for the incentive effect. >> we do
CNBC
Feb 14, 2013 1:00pm EST
to reverse? >> all a question of what the government does. the government's been talking tough and talking about finally defeating deflation. talking about it for a long time. >> a long time, yeah. >> but people are convinced perhaps, and it is different than sort of the bet against the british pound that george did years ago and that this time you are betting with the government. it is a little bit like don't fight the fed, don't fight the japanese central bank or the japanese government. so people are piling and betting that the japanese government can make some headway here. and we will see if they are able to. they are able to deflation and spark the economy there. >> all right. fascinating reading. thanks so much, greg. >> ty, back to you. >> sue, coming up on "power lunch," the ultimate blind date. talking about going into a housing market, you know. nothing about, you might run away or you might fall in love. that's up next. on, our weekly feature, the powerhouse. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures mo
CNBC
Feb 13, 2013 9:00am EST
isn't just between big government and big business. >> that brings us to this morning's squawk. >> it was a tough gig. >> exactly. >> other than samsung and golden spring, what product shid mshoud marco rubio be a spokesman for? it was an ungraceful move to get -- to go out of frame and get the bottle. do i do it, do i not? >> the irony is a lot of people saw that as him opening his campaign for the candidacy of the gop last night. for 2016. because of the way in which he addressed it. it was much more to the rank and file to the gop than mainstream america. >> that's true. we're also saying it neither helped nor hurt him. >> no. >> it was sort of middle of the road. and unremarkable. aside from the -- >> a young politician. mark zuckerburg is hosting a fund-raiser tonight for new jersey governor chris christie who is seeking reelection. jane wells is at the expo in california. good morning, jane. >> hey, simon. this is a massey ferguson wind rower, can be yours for $175,000. farmers have money and they're spending it despite the drought. the usda said the good times may not la
CNBC
Feb 13, 2013 1:00pm EST
of the government ethics offered divestment. my investment was very small in the sense that i took a loss when i sold the investment. >> now, lew was also asked about the hot button topic of the day, that is cyber security. he said he favors the president's proposal and he would look forward to legislation on cyber security. that is a hot topic today. we have seen a wide range in reaction from different business groups in town. some oppose, some in favor, some have a middle ground approach as they debate the issue of whether the government should get into private sector security consulting in effect by advising them on just what the cyber threats are to their networks. tyler? >> thank you eamon. eamon javers reporting. >>> let's talk about how vulnerable we are to cyber attacks. could t larry, what do you think? are these executive orders going to help in any meaningful way sni gather they are rather voluntary in some. >> they are not voluntary in the sense that government agencies are going to have a number of things that they have to do from the private sector side. they are largely voluntary
CNBC
Feb 11, 2013 4:00am EST
it was so sue french firm comigel. on saturday, both the uk and french governments vowed to punish those responsible. stephane is in paris following the story for us. stephane, at fist it seemed to be a story about britain and maybe some snickering across the atlantic or outside of the country. but now it's come home to roost. >> absolutely there are more than one country involved. six french retailers have decided to suspend the selling of frozen meat, frozen food containing potentially horse meat instead of beef. several products have been pulled on the concern that they were mislabeled. the french minister spoke about the large frozen foods market. this might have started last year and generated profits of only 00,000 euros. this is raising not only a problem about horse meat because in france there is no taboo about horse meat, it's not fashionable any more to eat horse meat in the country, but it is raising concerns about the traceability and about the food in france. there is a significant -- immigration within the country. and with the concerns about the efficiency of the control,
CNBC
Feb 12, 2013 4:00am EST
. >> is the biggest risk to gold, though, is when yields, government bond yields back up and then when we get a return of a yield environment, isn't that when gold is going to step up? because then the opportunity cost of holding it shoots through the roof. >> absolutely. i think that definitely causes head wednesday. but you have to look at the big picture. and as long as we've got the debt problems, particularly in the u.s. and also in europe, there are concerns about currency debasement and the idea that it's going to be very difficult for these country is to pay back their debt without at some point driving inflation higher, i think there are a lot of core investors, a lot of long-term strategic investors including central banks. look at the russian states were recently that i think are going to want to hold gold because we're in a very special environment with the world's major developed economies that are backing the world's major reserve currencies having structural debt issues. and i think a lot of investors are looking at gold as an alternative hard currency. >> that's for sure, nicholas broo
CNBC
Feb 13, 2013 5:00pm EST
by a single dime. it is not a bigger government we need, but a smarter government that seventies priorities and invests in broad-based growth. >> that statement sounded a bit to me like people who say, i don't work hard, i work smart. in reality, of course, those people are not working hard nor are they working smart. so, the american public knows better when they hear that more spending won't cost anything. the fact is, it will cost a lot of dimes. the country's national debt has increased by 58.6 trillion dimes under the president. with the country now facing $16.5 trillion in debt, these promises, of course, are getting difficult to ponder. and to believe. what i thought was missing last night was anything of substance about the actual state of our union. i was hoping for a status check on where we are, rather than the broader rhetoric we heard. the president, of course, did not get into specifics about how to implement these proposals on education, infrastructure, and the big one, creating jobs. he said part of the costs of his plans would be offset by closing loopholes to raise more ta
CNBC
Feb 15, 2013 3:00pm EST
-open to the idea of getting rid of the copper coin. the president says it costs more for the government to make a penny than it's actually worth. the mint says it costs nearly it.5 cents to produce and distribute a single penny. tell us what you think on that one. >>> meantime, let's take a very quick look at what's happening with the markets. the dow is down by 0.3%. walmart is down by 2.8% on the reports of that internal e-mail about february sales being a total disaster. the spokesman says sometimes these internal e-mails can be inaccurate. thanks for watching "street signs." have a great weekend. "closing bell" is next. >> hi, everybody. happy friday to you. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the major averages in danger of posting losses this week though. >> if we stay right here, we'll see that. i'm bill griffith. the dow does not be able to look like it will avoid a second consecutive losing week. the blue chip average down sharply in the last half hour on those reports of an internal e-mail from a walmart executive indicating that a very s
CNBC
Feb 17, 2013 8:00pm EST
government when layoffs are coming, and raizk is getting a new letter from dhl every week or so adding a few hundred at a time to the growing list of lost jobs. >> it's got classifications and numbers on it, but there's not names and addresses and who their wife or their family or their children are, and so you look at these, and at the end of the day, you think, "that's 800 and some people, folks, live here, work here, you know?" >> the mayor told us one out of three households has a family member working at the air park. you are what people around here call an air park family. >> absolutely. >> angela and john peka are raising four children on two air park salaries. angela started at airborne express when she was 19. now as a supervisor, she walks laid-off workers to the company gate and takes their i.d. badges away. >> i escorted five individuals out today, and last week i think i escorted three. >> what's the last thing you say to them? >> i tell them that i wish them the best and it's been a pleasure working with them, and it has been a pleasure working with every one of them, because t
CNBC
Feb 15, 2013 1:00pm EST
. the fate is in the government's hand if they go after the company. either give them a clean bill of health or you won't hear anything or they will say, it is a 5 pyramid scheme. but this has been going on for years and years. this is not a new short story. but the important thing to me is staying power. short positions, when you're wrong, they get bigger an become a bigger part of the portfolio. i don't know what percentage hits portfolio is but that becomes a bigger position for it. icahn has nobody to answer to. he has deep pockets. he can wait out ackman. >> this will be our last point. certainly some people will get squeezed out. those with weaker hand. those with the most unsettled stomachs are going to perhaps be squeezed out today. but again, a guy like bill ackman seems as resolute as of in staying the course and what he believes. >> icahn, all his money, he can do what he wants, no one calls him and says, hey, what are you doing? herbalife. >> as carl was talking, we were down $40 a share, now we are up to 42. >> and last point right now, with the stock at 42, both sides are winne
CNBC
Feb 12, 2013 9:00am EST
spending and more government. i feel like we're just going to get the details of that tonight. >> there's been a lot of discussion about how you go about with a big agenda. some say it's his last chance to go big. when you still have so many economic anxieties at work. do you think tonight's speech will be about jobs and middle class, or will it bleed into guns and immigration? >> i think it will be a little of both. i think what the president owes the american people is an explanation of why he wants to continue down a road where it's not working, we still have high unemployment, one of the worst recoveries we've had ever. this prescription that he has prescribed for our economy, more borrowing, more spending, hasn't really brought about the jobs he said we were going to have. republicans, on the other hand, are going to talk tonight about how we're going to get america back to work, getting government out of the way, and facilitating the american people to get good jobs, and to get this economy back on some kind of a recovery track. >> that's going to involve marco rubio, giving the r
CNBC
Feb 15, 2013 6:00am EST
with debt reduction. some of this will probably sit quite well with elements of the american government. u.s. dollar at the moment, 103.47 is where we stand. we did hear from one rba member today that came out and said his currency was far too strong. his comments from central bankers keep coming out, as you can see. pull this chart up for you. phil lebeau was talking about this. eads and airbus, deciding that they're not going to have those lithium batteries in their new plane. the a-350. so they're going to do to cadmium. that means they can deliver the planes on time, but it shows you the impact of the boeing story on airbus. that's where we stand right now in europe. back to you guys. >> nice. how long is martin for you, by the way? >> for like an hour. >> two or three hours. >> are you jealous? >> i am. it's nice to see you got up early. >> you should be in advertising, ross. >> you once spent a week on "squawk box." >> martin, if you're going to do that, you need a sweater. >> a sweater. >> i thought of wearing my jeans this morning. >> you can hide it under the desk. >> do we consid
CNBC
Feb 13, 2013 12:00am EST
paid for by private and government money. >> boy 12. >> yay! >> only 1/3 of the over 200 or so kids who applied heard their number called. with the child's future at stake, emotions ran high. >> 38. >> the grants were another family who won the chance to change their child's life. >> yeah! >> when that number was called, describe that feeling. >> it was just shocking. i didn't think that was gonna happen. listen, when he said "38," i didn't hear anything but joy. >> why does this mean so much to you? >> it's called opportunity. we've never had that before. so why not grab it if you can? here, you know, the sky is the limit. >> and how about you? got a big smile. is this good news? >> yes. >> seed is the brainchild of raj vinnakota and eric adler, two former businessmen who quit their jobs in 1997 to take an old idea and make it new. >> there's boarding schools for rich kids. why aren't there boarding schools for poor kids? the intense academic environment, the 24-hour aspect, and constant access to role models. why wouldn't all of those things be just as important for poor kids as it wo
CNBC
Feb 11, 2013 6:00pm EST
is the current attempts to get the yen to be worth less up by the japanese government? gold's a handy antidote for savers in the debating countries. don't forget for a minute if this country doesn't get its finances in order, gold will be the best safe haven as a defense to washington. this is not by the way about upside. it's really about minimizing your risk to the downside. at any given moment there's a whole host of sectors that are poised to outperform gold. none of them work like an insurance policy. here's the tricky thing because you have not heard the height right way to do it. how do you own the gold? the easiest and least risky weight is through an etf, called the spider gold shares, but mostly known by gld. which owns the metal and does a terrific job of tracking the price. you can also potentially call your broker and buy bouillon, the actual physical bars of gold. that makes sense for those who can buy gold in bulk and pay to store it in a depository bank. it is better to go with the gld than the gold miners like the gold corps gg or abx. those are great companies but they have s
CNBC
Feb 14, 2013 4:00am EST
. >>> the japanese government is insisting on japanese expansion than everyone is talking. we'll have analysis when we come back. to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide. fedex. to deposit checks from anywhere. [ wind howling ] easier than actually going to the bank. mobile check deposit. easier banking. standard at citibank. makes it easy for anne to manage her finances when she's on the go. even when she's not going anywhere. citibank for ipad. easier banking. standard at citibank. >>> as france's economy contracts for the fourth quarter of 2012, joining us from singapore, marco devali.
CNBC
Feb 15, 2013 4:00am EST
-week low against the euro/dollar. dollar/yen, 92.36. and we've got the mexico central bank govern warning against using fx. mexico was one of those countries that are the lead active in the currency manipulation or currency war. he says devaluing fx raises the risk of global retaliation. it's one of the big themes at the g-20 in moscow. steve is there, as well. steve, we've been hearing from mario draghi on this subject this morning, as well. what did you have to say? >> well, i thought this was great. the press conference of morrow draghi, the president of the ecb saying it's inappropriate, it's fruitless and self-defeating to talk about currency wars. i can't help but get all billy joel over this. it was the policymakers who started talking about communiques and briefings against each other about what they were actually trying to say. i'm afraid to say, mr. draghi, we didn't start this buyer. it was your colleague and your peers in the central bank, as well. moving on, he was saying -- and i thought this was great. some asked him about the appropriate level for the euro which is exactly
CNBC
Feb 14, 2013 9:00am EST
to citizenship and keep people that we educate. i'm telling you, in government trade, he mentioned that. let's do it. it take us four years to get panama and south korea done. it was on the bush table. it took four years to negotiate and we didn't get anything else new. those trade agreements would do all kinds of things for exports. >> are you at all nostalgic about -- ge out of nbc and comcast is running it well. >> comcast has done a great job. look, the market said good for both companies. the market said comcast got a great bunch of assets. ge has more cash to do things with. time and men's fortunes change. you go with the flow. >> every time they do a deal, they say it's great for both parties. stock goes up in one case and down in the other. ge is in one, can use the money, comcast in another and actually worked. >> worked out well. comcast has a great set of assets now a ge has cash to invest in what they want to do. we all do it differently in our times. >> jack, we love you, on valentine's day especially. >> happy valentine's day. >> merger thursday with all these deals. huge day on wal
CNBC
Feb 15, 2013 9:00am EST
that insurance product. they're u talking about getting that data out and allowing the government to tell companies what it knows about how often these attacks are happening and then companies can start in the private sector free market kind of a way, respond and insurance is just one of the ways they would do it. >> this is a bigger issue here than under the present law. companies are exempt from the fallout of a major cyber attack because it would be considered effectively an act of war. don't you need to change that so that the company has liability and therefore, there is a cost benefit in them investing in it nor heavily? >> actually, what they're talking about here is proposing legislation that congress would have to work on that would give companies more limited liabilities here in the case of cyber attacks and that way, they'd be more willing to come forward and cooperate with the government. a lot of this is about the government encouraging companies to come out of the shadows and talk to them about what's happening. a lot of companies don't want to admit the degree to which they
CNBC
Feb 11, 2013 6:00am EST
government of vermont and a cnbc contributor. good morning to both of you. >> doctor. >> and a doctor. we can say a lot of things. >> and joe usually does say them. >> he's going to -- >> i go back -- >> getting warmed up. >> i talk about your resume for how many things you're able to discuss, howard. that's the only reason. don't make it a negative. >> i want to go straight to the sequester. you say over the sequester cliff we should go. >> i've always thought that. i thought we should go over the tax sequester. >> you thought we should have gone over the fiscal cliff the first time. >> i did. look what they've taken. they've taken three quarters of the potential revenue for deficit balancing off the table. >> they is? >> congress. >> or are we saying the democrats, the president? >> everybody. this is what they all agreed to, right? so that's problem number one. problem number two is on the spending side, now are we going to make serious cuts or not? i don't think they are unless we go over the cliff. there's not going to be any opportunity to cut pentagon spending in any serious way if you
CNBC
Feb 14, 2013 6:00am EST
the government of the pop? >> disney -- >> i don't know if they own them or -- >> nbc universal doesn't. how does anyone book -- who walks across the plank and gets on that? >> literally, if you were thinking about it and -- >> in the last five years, can't you go back? how about the one over in the mediterranean? it's upside down, isn't it? right off italy, yeah. >> still there. >> "60 minutes" just did another takeoff, you and two other couples? >> my grandmother went on the alaskan cruise and she liked that one. >>. >> chooe is driving. >> guys, let me tell you about a number of other stocks on the move in after hours trading. shares of angie's list were sharply high er after the online website swung to a profit in the first quarter. sketcher s shares got a price pop, as well. women's shoes have done particularly quell. also, value clicks werings beat the street's expectations. the internet advertising company's revenue strengthened and real estate information provider zillow posted better-than-expected earnings. shares were up pretty sharply. you can see up by about 7.8% with that last tick.
CNBC
Feb 14, 2013 12:00pm EST
, anheuser slush/imbev revising the terms of its takeover of grupo modelo. the u.s. government rejects to the deal says it would restrict competition and lead to higher beer prices. anheuser-busch sells a u.s. brewery next to constellation and give it perpetual rights for crow no and other modelo brands in the u.s. investors cheering that news. constellation rocketing higher. options traders though maybe have a different take on constellation, mark sebastian of option pit points out that traders are buying every put they had get their hands on in march. back to you. >> joey, you have a thought on this space? >> no, i don't and it's not something that i generally follow. i think overall when you look globally the most important thing in the beverage space that has the exposure in the emerging markets. >> baker you're shaking your head no, not a space you follow? you wouldn't buy constellation? >> i don't like stocks with a binary outcome but it's encouraging as we saw what's going on with heinz today and that industry. >> in terms of strategic play when you look at companies that have g
CNBC
Feb 14, 2013 4:00pm EST
the treasury is paying only 2%. for example, the world over there is a contest by governments to cheapen their currencies. the strong currency is the old maid of world monti affair. the value banks the world over are going to ease and hyper ease and people we thought are extremely radical in their monetary predilections like ben bernanke are about to be outflanked by others still more radical so the monetary revolution is devouring its children. and the principle under, you know, support of the argument that treasury and government yields ought to be 2% or 3% is that there is kind of a persistent deflationary undertone in the world, that the credit is contracting, and the debt is -- how is it then that corporations are floating record volumes of junk bonds at record low yield, about a dozen junk bonds came in the past six weeks at yields of less than 5%. they have taken the highs out of high yields and yields out of high yields. >> so, i mean, why is that. what do you think the answer is? >> i can explain it this way. i submit to you that muscle memory is about the most important unrecog
CNBC
Feb 12, 2013 1:00pm EST
. were they hungry for government debt? >> to put perspective, we're talking three-year, 35 basis points, 32 billion, the yield .411, which is actually a little bit less than the .415 on the bid side of the wi market, lower yield, higher price. the bid to cover, 3.5910 auction average. that's exactly what it was, 3.59, indirect very light. 18 less than 10 auction average of 30. once again directs really steal the show at 26.9. we're going to give this auction a b plus. tyler, back to you. >> i'll pick it up. apple the big stock story. ceo tim cook making headlines during his q&a session in san francisco. cook taking on a host of issues from apple's cash, acquisitions, battle with hedge fund manager david einhorn. investors reacting there. you can see no great boost. overall jon fortt live at the goldman sachs technology and internet conference where tim cook took the stage. you know, john, it's interesting. the man is a very clever man. he knows that his company has lost a quarter of its market cap. he knows today would be the day he could start to reverse that. yet he said nothing reall
CNBC
Feb 11, 2013 9:00am EST
the performance that both stocks suffered last week after the government chose to sue. there's a look at moody's. perhaps they benefited from not having a paper trail, or email trail, taking steps to curb emails at the company, starting as far back as 2005. perhaps one reason why the evidence is not there enough, at least to have the u.s. government also charge moody's. abo but that continues to be a real question. moody's stock price got hit. >> blumenthal said if there's any equity, there will be other defendants named. obviously moody's ostensibly will be one of those. mcgraw-hill has earnings tomorrow, so maybe clarity on that situation as well. carnival? the cruise ship story out over the weekend. triumph lost power on the coast of the yucatan. lost propulsion power. they still had generator power and food and water, but had to be towed in. passengers going to get a full credit, i think. and a credit for a future cruise. one more bad thing for the industry. we'll see what it does. the pricing, the concordia did not have a lasting effect on pricing. >> not at all. that was amazing. this is
CNBC
Feb 12, 2013 12:00pm EST
.s. government. there was a freeze in spending. we spent a good portion of the segment talking about iphones and increase in tablets and smartphones, how that benefits. people are forgetting mobile traffic is doubling every year through the internet and having a 20% increase in traffic. deutche telecom saying they will spend a lot of money to compete with at&t and horizon and then sprint is bought and they will spend $4 billion next year with the money given to them by softbank. and you're starting an arms race where it used to be at&t and verizon hanging out and spending levels are starting to rise and these stocks have been terrible. >> steve, from a telecom standpoint, you like some of these names? >> i own horizon and big t. they're getting irrational, making more money and changed pricing and subsidies for phones, cutting back the subsidies in terms of making you spend more to get the phones. i think they're very we well-positioned and people are so negative on them i think they do well. my only concern is i'm very bearish on the long bond. as rates go higher you may see some mone
CNBC
Feb 11, 2013 1:00pm EST
for all future government. >> i also asked him about the abdecation of the pope. he, too, said he was shocked. he didn't want to think about the pope having a succession plan. as some people put it, modernization of the vatican, like a ceo, he too is shocked and is not worry about the rise of italian meals, he said it is just news to to the situation. >> michelle, appreciate it. we will have a quick update then finish up "power lunch" for this monday. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings show me how schwab tdd#: 1
CNBC
Feb 13, 2013 11:00pm EST
with restrictions that the government puts on it. you don't have to worry about restricted stock. it doesn't factor into the fundamentals of the company, which we really care about. >> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer, #madtweets. send jim an e-mail to madmoney@cnbc.com or call 1-800-743-cnbc. [ female announcer ] today, jason is here to volunteer to help those in need. when a twinge of back pain surprises him. morning starts in high spirits, but there's a growing pain in his lower back. as lines grow longer, his pain continues to linger. but after a long day of helping others, he gets some helpful advice. just two aleve have the strength to keep back pain away all day. today, jason chose aleve. just two pills for all day pain relief. try aleve d for strong, all day long sinus and headache relief. we all work remotely so this is a big deal, our first full team gathering! i wanted to call on a few people. ashley, ashley marshall... here. since we're often all on the move, ashley suggested we use fedex office to hold packages for us. grea
CNBC
Feb 11, 2013 3:00pm EST
that error corrected? it's all part of a new government report that has been raising eyebrows today. eamon javers has the latest. >> we know how important your credit rating can be. forget buying a house or a car. take a look at this new study looking at the rates of errors on people's credit ratings. 5% had an error on their credit rating report that was significant enough to effect the rating itself. now, those errors could mean higher costs for loans and for insurance for those consumers. and one in five had an error corrected. they only found four out of five saw a modification although we know that process can be maddeningly difficult for a lot of consumers. we talked to all three of the major credit rating agencies. we have a report from experian. we believe it confirms that credit reports are predominantly accurate and serving lenders and consumers well. the vast majority of errors on credit reports have no bearing on credit scores for example outdated information on a consumer's phone number and the like. for those consumers caught in that trap where there are errors, they can find
CNBC
Feb 11, 2013 5:00pm EST
depot, i'll say it again, hd should go into this. >>> let's move on here. japan's new government has taken major steps to weaken its currency and last week, it was hinted the your owe zone could consider doing the same. the global race to debase is coming up at the g-20 meetings. let's bring in amelia bourdeau. good to see you. there are indications that the g-7 drafted a statement, coming out with the g-20, saying they stand by their currency, there is no race to debase going on. so, what is the trade at this point, now that we know that is coming down the pipeline? >> well, they're going to rely heavi heavily, the g-20, that statement on the market. so, i'm looking for the your owe to weaken. appreciation of the euro could lead to deflation, so, that left the door open for the ecb to ease further. you would like to short the your owe ahead. i would short it a little higher, at 1.34, the figure. i put the target at 1.3150 and a stop at 1.3550. >> amelia, good to see you. see you on friday. >> i'll see you. >>> coming up next, our favorite viewer tweets of the day. we'll trade them n
CNBC
Feb 12, 2013 5:00pm EST
to some extend. but i think, like many countries and many governments, once forced to deal with issues, they'll be dealt with. so, i'm sort of, cautiously optimistic, maybe cautiously cautious about europe. >> great to speak with you. >> nice to be here. >> melissa, back to you. he's the cover boy, so -- we'll hope there's no cover jinx. >> all right, thank you very much, scott wapner. good work all day out at the goldman sachs technology conference. ebay here, we're close to 52-week highs at this point. >> most of 2011, the stock traded around $30. we talked about paypal being worth that in the stock should go higher. well, here we are now. go back and look for the move from 2001 to 2005, it looks hauntingly familiar to what we're seeing now. i'd be very careful jumping in this stock right now. >> coming up next, the top ranked analyst helps us make sense of tim cook's comments today. plus, those very comments have someone on this desk more fired up than ever before. we'll tell you why, and we'll tell you who, when we come right back. [ indistinct shouting ] ♪ [ indistinct shouting
CNBC
Feb 13, 2013 3:00pm EST
a partnership between business and government. take a listen. >> the vets are real and growing. you only have to look at the distributed denial of service attacks that we've seen on wall street, the destructive attacks that we've seen against sawedi ahramco to see what's coming at our nation. we need to act and need to act now. >> now, the reaction to the proposal from the president last night for an executive order on cyber security has not been familiar news from the business community, the u.s. shakes telling us they don't like intrusive regulations that will inflict pain on business, financial and otherwise. a couple of other trade organizations today, however, putting out statements much more supportive of what the president said so that's the debate here in washington. >> thanks so much. >> and joining us now is the chairman of the house intelligence committee, congressman mike rogers, congressman from michigan. thanks for joining us on program. >> thanks for having me. >> how much of an impact do you expect the president's executive order to allow defense and intelligence agencies to h
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